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Czech Aero Vodochody, Israeli Marcovici Capital File Bids For Helicopter Mker IAR Sale

Czech Aero Vodochody and Israeli Marcovici Capital Ltd submitted bids for the sale of the majority stake in Romania’s sole helicopter maker IAR Ghimbav, by the deadline on September 15, representatives of the country’s privatization authority AVAS said Monday.
Czech Aero Vodochody, Israeli Marcovici Capital File Bids For Helicopter Mker IAR Sale
15 sept. 2008, 16:20, English

French Eurocopter and Romanian Rups, UTI Systems, Grivco and RO Mike Trade also bought the participation documents in the auction but did not submit bids.

End-April, the privatization authority put up for sale its stake in IAR Ghimbav, establishing June 23 as the deadline to submit the offers. AVAS extended for the second time in July the deadline to file bids for the sale of IAR Ghimbav, by September 15.

AVAS put up for sale 12.2 million shares, representing 64.89% of IAR Ghimbav’s share capital.

IAR Ghimbav reported a pretax profit of 2.1 million lei (EUR1= RON3.6212) in the first half of the year, four times lower from RON8.7 million in the corresponding period a year earlier. The helicopter maker also reported RON60.9 million in turnover between January and June, up 22% from RON50 million in the same period a year before.

IAR Ghimbav is majority owned by AVAS, with a 64.89% stake, followed by Labor Ministry, with a 7.35% stake, and regional investment fund SIF Transilvania (SIF3.RO), with a 4.57% stake, while the rest is distributed among minor shareholders.